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  • EUR/USD is starting the year by a consolidation just below the 1.1200 handle.
  • Support is seen near the 1.1166/1.1150 price zone. 

EUR/USD weekly chart

The euro is starting 2020 by trading near five-month highs and the 50-period weekly simple moving average. The market might be attempting to base above the 1.1000 handle. However, since the range has been so small in the last quarter, the spot remains essentially two-sided, with buyers and sellers taking the lead alternatively.

EUR/USD daily chart

The market is pulling back down slightly while trading above the main SMAs. The spot is also rejecting a trendline. 

EUR/USD four-hour chart

The spot is slowing down while trading above the main SMAs on the four-hour chart. Bulls would likely need to keep the market above the 1.1166/1.1150 price zone to prevent a deeper pullback towards the 1.1096 and 1.1072 price levels. Resistances are seen at the 1.1224, 1.1248, 1.1271, 1.1306 and 1.1341 levels, according to the Technical Confluences Indicator. 

Additional key levels